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Earlier today Britain chose to leave the EU in the historic ballot with almost 52% favoring a leave and 48% siding with a remain. The repercussions of Brexit have already begun to be felt around the world with world markets and stocks plummeting due to the uncertainty and currency adjustment that would almost certainly occur. In just a few hours, the FTSE and the Pound Sterling has hit historic lows with NASDAQ poised to feel the repercussions as well according to the Pre-Market data.

Global Markets in Turmoil after Brexit

The first casualty has been the Global Markets with benchmarks around the world falling in the wake of the referendum. The NIKKEI 225 plummeted by almost 8% before the exchange suspended trading for the day. Approximately 120 Billion Pound sterling have been wiped out from the FTSE in a dip of almost 8% - which is the biggest since the fated day the Lehman Brothers collapsed in 2008. The market recovered (to a 5% loss) after David Cameron's announcement that he would resign and that the Bank of England would take any steps necessary to stabilize the markets and the economy. The DAX and the CAC were also down with Spain's IBEX plummeting a sheer 10%.

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Pound sterling collapses to 30 year low

Global yields have collapsed in the wake of the pound sterling falling to its 30 year low resulting in Britain now being poorer than France. A record £127m was traded across the Betfair Exchange EU Referendum market as punters wagered the outcome of the vote until the last minute. The current exchange rates are:

British Pound to euro exchange rate today -5% at 1.24, lowest at 1.2018.Euro to pound exchange rate: 0.8065 best at 0.8321Pound to dollar exchange rate today -7.77% at 1.3720, lowest at 1.3218Pound to Australian dollar exchange rate today -5.16% at 1.8513, lowest at 1.8005Pound to New Zealand Dollar exchange rate today -5.60% at 1.9349, lowest at 1.8869Pound to Swiss Franc exchange rate today -6% at 1.3390, lowest at 1.2854Pound to Yen exchange rate today -11% at 140.07, lowest at 133.20 (Source)

Dow Jones Index Plummets by 444 points, S&P500 Down by 2.55 %

The opening bells for the NASDAQ have just wrung and the DJIA tracker has plummeted 444 points straight down from the get go. The S&P500 index is also down by 2.55%, and the preliminary pre-market numbers are as follows:

APPLE INC DOWN 3.43 PCTALPHABET DOWN 4.26 PCT MICROSOFT DOWN 3.76 PCT, FACEBOOK DOWN 3.98 PCT, AMAZON.COM DOWN 4.39 PCT FITBIT INC SHARES DOWN 7.52 PCTORACLE CORP SHARES DOWN 3.99 PCTTWITTER INC SHARES DOWN 5.69 PCT

NVIDIA CORP SHARES DOWN 2.69 PCTAMD CORP SHARES DOWN 3.26 PCTINTEL CORP SHARES DOWN 2.33 PCT

Financial and Political Contagion in the UK and the rest of the world

The financial contagion following Brexit is already widespread and will affect all sectors including technology will be affected. One of the biggest technology players that are caught in the crossfire of Brexit is ARM Holdings, however as we covered in our analysis before and pointed out - the company is very well insulated due its diversified client base. The Bank of England has promised to take measure but uncertainty remains rampant at this point in time.

There are also fears that this might induce a global meltdown leading to the Chinese debt black hole blowing up which can significantly affect the global economy. Fear-mongering aside, the global economy very literally stands on the precipice of falling into a global meltdown. We will keep you updated as the situation progresses. Some immediate effects that the UK will have to face is:

Increased prices in the UK.World's 5th largest economy with long period of uncertainty as it enters the 2-year negotiation phase.With cost of borrowing increasing for the UK govt, a well as the prices, economic activity is likely to shrink.